Cardano (ADA) Price Prediction and Overview for This Week
Cardano rallied earlier this week, but now the price has hit a key resistance.
Key Support levels: $0.31
Key Resistance levels: $0.37
1. Resistance Stops the Rally
Since September 7th, the price entered a rally that saw the price quickly move from the 31 cents support to the key resistance at 37 cents. Once Cardano’s price approached the key resistance, sellers returned and managed to turn around the price action into a corrective move.
2. Short-Term Momentum is Bearish
On lower timeframes, such as 12h or 4h, the momentum has turned bearish in the past two days. However, this may not last and see the price bounce back around 34 cents to have another try at breaking the key resistance.
3. Buyers Still Dominate on Weekly
If we switch the timeframe to the weekly chart, we can see that buy volume remains strong. Buyers dominated in the past four out of five weeks. Despite this pullback, momentum could return to favor bulls later on. To get confirmation, the price has to break above 37 cents.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Has Altcoin Season Started With FED Heat? Legendary Analyst Answers
Cryptocurrency analyst il Capo answered the question of whether the altcoin season has started in his statement.
How Much Will Bitcoin Price Be If Trump Wins, How Much If Harris Wins? Standard Chartered Announces Big Bull Forecast
At what price level will Bitcoin, the world's largest cryptocurrency, be after the US elections? Here are analysts' opinions.
Vitalik Buterin’s Wallet is Active Again: Detected in Onchain Data
Another movement was detected in the cryptocurrency wallets of Ethereum founder Vitalik Buterin. Here are the details.
BREAKING: End of an Era – Terraform Labs Approved For Bankruptcy After Settling With SEC